Contact Information: For further information please contact: Company Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc. Athens, Greece Tel.: +30 (210) 899-4980 Fax: +30 (210) 895-4159 E-Mail: directors@safebulkers.com Investor Relations / Media Contact: Ramnique Grewal Vice President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 E-Mail: safebulkers@capitallink.com
Safe Bulkers, Inc. Declares Quarterly Dividend of $0.15 per Share
| Source: Safe Bulkers, Inc.
ATHENS, GREECE--(Marketwire - August 3, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE : SB ), an international provider of marine drybulk transportation services,
today announced that it had declared a quarterly dividend of $0.15 per
share for the second quarter of 2009.
Dividend Declaration
The Company today announced that it had declared a cash dividend on its
common stock of $0.15 per common share payable on or about August 28, 2009
to shareholders of record at the close of trading of the Company's common
stock on the New York Stock Exchange (the "NYSE") on August 21, 2009. The
Company has 54,511,097 shares of common stock outstanding as of today.
This is the fifth consecutive cash dividend the Company has declared since
its initial public offering on May 28, 2008. The dividend for the second
quarter of 2009 was maintained at the same level as that for the previous
quarter.
The Board is continuing a policy to pay out a portion of the Company's free
cash flow at a level it considers prudent in light of the current economic
and financial environment. The declaration and payment of dividends, if
any, will always be subject to the discretion of the Board of Directors of
the Company. The timing and amount of any dividends declared will depend
on, among other things: (a) our earnings, financial condition and cash
requirements and availability, (b) our ability to obtain debt and equity
financing on acceptable terms as contemplated by our growth strategy, (c)
provisions of Marshall Islands and Liberian law governing the payment of
dividends, (d) restrictive covenants in our existing and future debt
instruments and (e) global financial conditions. We can give no assurance
that dividends will be paid in the future.
Management Commentary
Polys Hajioannou, Chairman of the Board of Directors and Chief Executive
Officer of the Company said: "We are happy to declare a dividend for the
second quarter of 2009 at the same level as that for the previous quarter.
The financial and charter market conditions during the current recession,
as well as our commitment and belief in the long term prospects of the dry
bulk sector, among other things, will continue to shape our decisions on
dividend policy, taking into account the long-term interests of our Company
and of all our shareholders."
About Safe Bulkers, Inc.
The Company's subsidiaries provide marine drybulk transportation services,
transporting bulk cargoes, particularly coal, grain and iron ore, along
worldwide shipping routes for some of the world's largest users of such
services. The Company's common stock is listed on the NYSE where it trades
under the symbol "SB." The Company's subsidiaries currently own 13
Japanese-built drybulk vessels, all built post-2003, and have contracted to
acquire additional drybulk newbuild vessels to be delivered at various
times through 2011.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in
Section 27A of the of the Securities Exchange Act of 1933, as amended, and
in Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events, the Company's growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters. Words such as "expects," "intends,"
"plans," "believes," "anticipates," "hopes," "estimates" and variations of
such words and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of
the Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to, changes in
the demand for dry bulk vessels, competitive factors in the market in which
the Company operates, risks associated with operations outside the United
States and other factors listed from time to time in the Company's filings
with the Securities and Exchange Commission. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.